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What would happen if BMT switched to 100% pay model
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What would happen if BMT switched to 100% pay model

  #21 (permalink)
Elite Member
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tturner86's Avatar
 
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Big Mike View Post
Yes I understand, but look at the typical vendor. When someone pays money for an indicator or for a trading room or for a set of training videos, they see only a screenshot or similar for representation. They don't get to see 200,000 free posts.

I can create a "What's inside futures.io (formerly BMT)" document and show screenshots of indicators, screenshots of methodologies, screenshots of webinars... you get the idea, with thousands of indicators, thousands of methods, hundreds of webinars -- I have a hard time believing people would refuse to sign-up simply because they can't see the content. That argument doesn't make sense when you look at what people are doing with existing vendors in the trading marketplace.

If I am wrong, please help me understand.

Mike

I understand the paradox that you are experiencing now. But the difference is you are not 'selling' a dream as a vendor is. You are not making claims that they will be overnight millionaires, or drastically change their lives.

And not that you should. Just saying with the right amount of hope or dream people will easily part with their money.

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  #22 (permalink)
Market Wizard
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I think it is better for non-elite to see all content minus all attachments, images etc... and also they can't post at all. It's like reading a heavy redact document.


Last edited by cory; February 5th, 2015 at 04:45 PM.
 
  #23 (permalink)
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tturner86 View Post
But the difference is you are not 'selling' a dream as a vendor is.

This is quite true and a good point.

Mike

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  #24 (permalink)
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Big Mike View Post
So basically like it is today, except your free membership would expire after a set time? I like this idea and have had similar thoughts in the past. The side effect of this idea is that it incentives all the troublemakers to create duplicate accounts, and duplicate accounts is something I spend far too much time on already.

Unless this would be a read-only free trial, with no posting capability.

And let me emphasize, no free trial will ever include Elite content.

Mike

Right, could you implement a I.P logger that detects multiple usernames that will automatically deny them along with a phone # verification system that will send out a text activation code to start the trial and when the trial is up it keeps that # logged so that it could not be used again? It would make it a lot harder on the idiots, who do make multiple accounts just to cause trouble, to be able to continue doing that seeing they would have to get a different phone # and I.P to continue causing trouble..

AEM

 
  #25 (permalink)
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without some non-elite functionality, I think the memberstream would simply dry out. While existing (elite) members decide to move on, lesser and lesser "later generations" would find their way here.

As for the value - people are not rational about their decisions. If they don't get anything before paying and all they are getting after paying is the right to "access content", many many people would rather buy something definite like an indicator somewhere or book a trading room - just something where they have something that bears the illusion of an actual service for their money.

They wouldn't realize how many indicators and education they'd be "buying" here, so they won't.

Also, this might actually work against the site and in fact decrease the quality of elite-content. people that arent serious but can afford 100$ without worrying too much don't get to run their one or two circles for free before moving on - so they'd do it in elite section. Dont know if it would become a problem, but it could, imho.

 
  #26 (permalink)
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aem14 View Post
Right, could you implement a I.P logger that detects multiple usernames that will automatically deny them along with a phone # verification system that will send out a text activation code to start the trial and when the trial is up it keeps that # logged so that it could not be used again? It would make it a lot harder on the idiots, who do make multiple accounts just to cause trouble, to be able to continue doing that seeing they would have to get a different phone # and I.P to continue causing trouble..

AEM

A similar system that detects duplicates is already used. Let's just say it catches people all the time, usually vendors that are trying to misrepresent or self-promote. But it also catches people who forgot their password, and instead of clicking 'forgot' they create a new account, despite being told in huge bold print, and having to hit 'i agree' to a checkmark that says the account isn't a duplicate, and it won't work if it is a duplicate, etc etc etc.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #27 (permalink)
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Big Mike View Post
From the value perspective, there are vendors out there charging $100 for one indicator. They are charging for trading rooms, $100 a month. And so on, so forth, for more examples. On futures.io (formerly BMT) there are tens of thousands of indicators and more discussion than you would ever get in a 'trading room', so I am a little perplexed on the argument of not seeing the value of membership unless you can actively participate in it first.

I base this solely on looking at how many people buy things from vendors without any trial and without any real value. It doesn't seem to stop them.

Mike

I've been a member for a long time now, though I did not post much. Part of the reason is I'm a part time trader and have to work during the regular session. I appreciate your effort creating and curating futures.io (formerly BMT), and understand your frustration over spams. But I can see the inherent flaw in the reasoning for charging futures.io (formerly BMT). futures.io (formerly BMT) is for most users a place to share and socialize. I think of futures.io (formerly BMT) as a combination of trading facebook and trading app store. How many social networks charge for joining?

The argument that other vendors charging $100 misses the point. They're vendors; selling their indicator/trading room is their business. (The quality of their services/products or they're stealing from futures.io (formerly BMT) is another topic). futures.io (formerly BMT) on the other hand is where trader interact, learn from each other, share their studies/methods etc.

 
  #28 (permalink)
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shzhning View Post
I think of futures.io (formerly BMT) as a combination of trading facebook and trading app store. How many social networks charge for joining?

OK, but how many social networks have hundreds of educational webinars on a single topic (trading), or how many of them act as a central repository to get things for free (legally) that cost tens of thousands of dollars elsewhere?

I think calling futures.io (formerly BMT) facebook misses the point as well.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #29 (permalink)
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Interesting

With either of your options, would you consider adding a trail period? The drawback of course that if someone joins for just indicators they could sign up for a trail download everything and bail.

For me, I became elite when I saw the content of non-elite, and wanted to explore further. Removing this might discourage people from paying, because they don't know what they are missing.

Another option could be to only allow paying members to be able to download any code.

Cheers,

Sody

"The great Traders have always been humbled by the market early on in their careers creating a deep respect for the market. Until one has this respect indelibly engraved in their makeup, the concept of money management and discipline will never be treated seriously."
 
  #30 (permalink)
10 out of 10
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I'm fine with a 100% pay model but I agree with other members that there needs to be a sales funnel to ensure that new members also want to become elite.

This does two things: 1) ensures that new traders join and share their ups/downs and experience, 2) ensure that the site is profitable so that burden doesn't fall on existing members.

Alternatively, I would be ok with switching to a monthly subscription model which would require fewer new members to ensure profitability; however, the drawback is that it would limit new traders who can grow the community.


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